ETON Healthcare

Eton Pharmaceuticals, Inc.

$50.95+0.28%

Price as of close on Nov 3, 2026 · Financials updated Oct 8, 2026

Basics

Sector: Healthcare
Industry: Drug Manufacturers - Specialty & Generic
Country: United States
Market cap: 1.5B USD
Enterprise value: 1.4B USD
Full-time employees: 44

Overall health

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: less short-term liquidity (current ratio 1.52 vs a peer median of 2.59) and more debt relative to equity (0.60× vs a peer median of 0.22×)higher risk: less liquidity (current ratio 1.52 vs peers 2.59) and more debt vs equity (0.60× vs peers 0.22×)

Ranks #291 of 1,157 healthcare companies (top 26%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 13% from December 2022 to August 2026.
Eton Pharmaceuticals had 13% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Eton Pharmaceuticals had 13% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Earnings turned from a loss to a profit. Profit per share this year after a loss last year.
Eton Pharmaceuticals made a profit per share in its latest year after a loss the year before.
Operating loss narrowing. Operating margin -1.1% in 2025, the smallest loss relative to revenue of the last 6 years.
Eton Pharmaceuticals still lost money on operations in 2025 (margin -1.1%), but that was its smallest operating loss relative to revenue in the 6 years of filings we have.
Profit is backed by cash. Free cash flow is 116% of reported profit.
Eton Pharmaceuticals's free cash flow is 116% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.

StockQuotient Score

63/ 100

Oct 5 63 → Nov 4 63

Valuation

Is the price right?

39/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

Share count up 4.3% (existing holders diluted)

Valuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield0.9%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score -0.41Sector median: 0.0148 · MAD: 0.0148

EBITDA yield1.4%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.64Sector median: 0.0401 · MAD: 0.0401

Free cash flow yield1.0%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield3.2%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

96/100

Strong

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 21.5%

Why

Stronger than most peers on:

▲ Revenue growth
▲ 3-yr revenue
▲ EPS growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Earnings per share turned from a loss to a profit33% base weight · Z-score 4.46Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth53.8%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 5.71Sector median: 0.0584 · MAD: 0.0840

Revenue growth81.5%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 7.74Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

90/100

Strong

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Turned profitable over the last 12 months
Operating margin rose 13.1 points to 15.4%

Why

Stronger than most peers on:

▲ ROA
▲ ROIC
▲ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin15.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.69Sector median: 0.0706 · MAD: 0.1217

Return on assets11.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.73Sector median: 0.0166 · MAD: 0.0537

Return on invested capital27.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 2.22Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin57.9%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equity27.2%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Current ratio
▼ Debt / equity
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.90

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -0.81Sector median: 0.6250 · MAD: 0.3380

Current ratio1.52×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.77Sector median: 2.5860 · MAD: 1.3850

Debt / equity0.60×

SEC filings · latest balance sheetReported value33% base weight · Z-score -1.85Sector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Eton Pharmaceuticals

Is Eton Pharmaceuticals getting weaker?: Its latest SEC filing (Aug 13, 2026) was mixed: some things better, some worse: turned profitable over the last 12 months; operating margin rose 13.1 points to 15.4%. Its overall score is unchanged at 63/100 since Oct 28, 2026.
How is Eton Pharmaceuticals valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 39/100 against 1,393 healthcare peers. EBITDA yield 1.4% vs a peer median of 4.0% (weaker than 63% of peers).EBITDA yield 1.4% vs peers 4.0% (weaker than 63% of peers).
Is Eton Pharmaceuticals growing?: Yes, faster than most of its peers. Growth scores 96/100 against 1,393 healthcare peers. Revenue growth 81.5% vs a peer median of 6.1% (stronger than 94% of peers).Revenue growth 81.5% vs peers 6.1% (stronger than 94% of peers).
How profitable is Eton Pharmaceuticals?: More profitable than most of its peers. Profitability scores 90/100 against 1,393 healthcare peers. Return on assets 11.0% vs a peer median of 1.7% (stronger than 92% of peers).Return on assets 11.0% vs peers 1.7% (stronger than 92% of peers).
How risky is Eton Pharmaceuticals?: Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 1.52× vs a peer median of 2.59× (weaker than 73% of peers).Current ratio 1.52× vs peers 2.59× (weaker than 73% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 13, 2026 · compared with the quarter ended Mar 31, 2026

Mixed: some things better, some worse

Turned profitable over the last 12 months
Operating margin rose 13.1 points to 15.4%
Share count up 4.3% (existing holders diluted)

	Previous quarter	Latest quarter	Change
Revenue (12 months)	86.9M USD	105.6M USD	+21.5%
Net income (12 months)	−1.5M USD	12.7M USD	turned positive
Operating margin	2.3%	15.4%	+13.1 pts
Free cash flow (12 months)	15.4M USD	14.7M USD	−4.5%
Debt	30.7M USD	27.9M USD	−9.2%
Cash	19.7M USD	26.8M USD	+36.5%
Shares outstanding	27.4M	28.6M	+4.3%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Drug Manufacturers - Specialty & Generic · 27 companies

Valuations in Drug Manufacturers - Specialty & Generic are within their usual range since Jun 2020.

45% of months since Jun 2020 were valued lower than now.
24% of companies are in the most expensive fifth of their own price-to-sales history.
Median price-to-sales is +8% vs the whole market, against a usual +36%.

Jun 2020Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	87.1%	67.4%	66.6%	60.0%	53.5%	▼ 6.6 pts
Operating margin	-6.8%	-38.9%	-3.8%	-6.7%	-1.1%	▲ 5.6 pts
Net margin	-9.0%	-42.4%	-3.0%	-9.8%	-5.8%	▲ 4.0 pts
Return on assets (ROA)	-7.1%	-36.0%	-2.9%	-5.0%	-5.0%	▲ 0.0 pts
Return on equity (ROE)	-11.1%	-69.0%	-6.0%	-15.7%	-17.6%	▼ 1.9 pts
Free cash flow margin	-21.7%	22.5%	21.5%	2.4%	12.7%	▲ 10 pts
Current ratio	5.18×	3.10×	1.65×	2.06×	1.57×	▼ 23%
Quick ratio	5.06×	3.01×	1.60×	1.29×	1.17×	▼ 9.2%
Debt to equity	0.30×	0.41×	0.35×	1.22×	1.17×	▼ 4.3%
Interest coverage	-1.43×	-8.65×	-1.12×	-1.30×	-0.18×	▲ 86%

ETON price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

BB Biotech AGBBZA.DE100/ 100

Arbutus Biopharma CorporationABUS97/ 100

Q32 Bio Inc.QTTB97/ 100

Bringing the fundamentals into focus…

Overall health

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: less short-term liquidity (current ratio 1.52 vs a peer median of 2.59) and more debt relative to equity (0.60× vs a peer median of 0.22×)higher risk: less liquidity (current ratio 1.52 vs peers 2.59) and more debt vs equity (0.60× vs peers 0.22×)

Ranks #291 of 1,157 healthcare companies (top 26%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 13% from December 2022 to August 2026.

Eton Pharmaceuticals had 13% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Eton Pharmaceuticals had 13% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Earnings turned from a loss to a profit. Profit per share this year after a loss last year.

Eton Pharmaceuticals made a profit per share in its latest year after a loss the year before.

Operating loss narrowing. Operating margin -1.1% in 2025, the smallest loss relative to revenue of the last 6 years.

Eton Pharmaceuticals still lost money on operations in 2025 (margin -1.1%), but that was its smallest operating loss relative to revenue in the 6 years of filings we have.

Profit is backed by cash. Free cash flow is 116% of reported profit.

Eton Pharmaceuticals's free cash flow is 116% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.

Questions investors ask about Eton Pharmaceuticals

Is Eton Pharmaceuticals getting weaker?

Its latest SEC filing (Aug 13, 2026) was mixed: some things better, some worse: turned profitable over the last 12 months; operating margin rose 13.1 points to 15.4%. Its overall score is unchanged at 63/100 since Oct 28, 2026.

How is Eton Pharmaceuticals valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 39/100 against 1,393 healthcare peers. EBITDA yield 1.4% vs a peer median of 4.0% (weaker than 63% of peers).EBITDA yield 1.4% vs peers 4.0% (weaker than 63% of peers).

Is Eton Pharmaceuticals growing?

Yes, faster than most of its peers. Growth scores 96/100 against 1,393 healthcare peers. Revenue growth 81.5% vs a peer median of 6.1% (stronger than 94% of peers).Revenue growth 81.5% vs peers 6.1% (stronger than 94% of peers).

How profitable is Eton Pharmaceuticals?

More profitable than most of its peers. Profitability scores 90/100 against 1,393 healthcare peers. Return on assets 11.0% vs a peer median of 1.7% (stronger than 92% of peers).Return on assets 11.0% vs peers 1.7% (stronger than 92% of peers).

How risky is Eton Pharmaceuticals?

Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 1.52× vs a peer median of 2.59× (weaker than 73% of peers).Current ratio 1.52× vs peers 2.59× (weaker than 73% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

86.9M USD

105.6M USD

+21.5%

Net income (12 months)

−1.5M USD

12.7M USD

turned positive

Operating margin

2.3%

15.4%

+13.1 pts

Free cash flow (12 months)

15.4M USD

14.7M USD

−4.5%

Debt

30.7M USD

27.9M USD

−9.2%

Cash

19.7M USD

26.8M USD

+36.5%

Shares outstanding

27.4M

28.6M

+4.3%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

87.1%

67.4%

66.6%

60.0%

53.5%

▼ 6.6 pts

Operating margin

-6.8%

-38.9%

-3.8%

-6.7%

-1.1%

▲ 5.6 pts

Net margin

-9.0%

-42.4%

-3.0%

-9.8%

-5.8%

▲ 4.0 pts

Return on assets (ROA)

-7.1%

-36.0%

-2.9%

-5.0%

▲ 0.0 pts

Return on equity (ROE)

-11.1%

-69.0%

-6.0%

-15.7%

-17.6%

▼ 1.9 pts

Free cash flow margin

-21.7%

22.5%

21.5%

2.4%

12.7%

▲ 10 pts

Current ratio

5.18×

3.10×

1.65×

2.06×

1.57×

▼ 23%

Quick ratio

5.06×

3.01×

1.60×

1.29×

1.17×

▼ 9.2%

Debt to equity

0.30×

0.41×

0.35×

1.22×

1.17×

▼ 4.3%

Interest coverage

-1.43×

-8.65×

-1.12×

-1.30×

-0.18×

▲ 86%